SafeMoon — a form of cryptocurrency — recently made a massive move that will matter to cryptocurrency investors, and there seems to be a lot of hype building around it.
What is SafeMoon?
SafeMoon is a newer form of cryptocurrency that has been linked with Dogecoin because it doesn’t cost much to invest in. However, SafeMoon “doesn’t have any clear use cases,” which means you can’t buy much with it, according to Benzinga.
Is SafeMoon on the rise?
Yes — though slightly. SafeMoon has jumped about 5% in the last 24 hours, according to CoinMarketCap.com, which monitors the price and value of cryptocurrencies.
One look at the SafeMoon chart on CoinMarketCap.com shows that SafeMoon spiked back in April before hitting something of a plateau in the middle of May. Since June started, the value of the coin has started to rise.
Kim Kardashian and SafeMoon
Some of the rise might because of social media hype. SafeMoon made headlines Tuesday after Kim Kardashian tweeted about another cryptocurrency, Ethereum Max. She asked her fans if they had heard of it.
- Per Newsweek, SafeMoon fans started to push for Kim Kardashian to support SafeMoon, hoping to see a spike in the cryptocurrency.
SafeMoon updates crypto wallet
SafeMoon also announced at the end of May that it had teamed up with Simplex, a financial institution licensed in the United Kingdom for crypto investors.
Per SafeMoon, the company “provides fiat infrastructure for the crypto industry, securely processing credit card payments and making cryptocurrency accessible to all.”
- The move will reportedly make it easier for investors to invest in SafeMoon directly.
John Karony, SafeMoon CEO, said in a statement that this is a part of growing SafeMoon and honoring investors.
- “Doing things differently is both our starting point and part of our end goal.”
- “One of our founding principles is transparency, so we’re extremely public with a great deal of our activity.”
- “Our growing army of investors is highly dedicated to our mission because they know we’re just as dedicated to providing service and value to them.”
Is SafeMoon a good investment?
Some experts have called SafeMoon a scheme. Per Benzinga, SafeMoon resembles “a pyramid scheme instead of a sound monetary policy since investors get charged a 10% fee when they take out their holdings. And another 5% is given back to investors.
- According to Benzinga, “most investors would agree that Safemoon has higher potential for returns than DOGE, albeit an extremely high-risk investment.”
But, according to Fortune, SafeMoon wants to be a long-term investment for people — not a crypto where you invest and then get out.